Option

An option is a contract giving the right, but not the obligation, to buy or sell an asset at a set price before or at expiry. Options concentrate economic exposure at specific strike prices and expiry dates, which creates manipulation targets.

instruments and markets · updated 2026-09-23

Where does option come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Options expiry pinning — Options expiry pinning is trading to hold a share price at or across an option strike at expiry, exploiting the fact that a few cents of movement decides whether large positions pay out or expire worthless.

Enforcement actions involving these techniques

See also

• Strike price — The strike price is the price at which an option may be exercised. Large open interest at a strike gives someone a concrete financ…
• Pinning — Pinning is the tendency of a stock to close near a heavily traded option strike at expiry, produced by hedging flows. Ordinary pin…

Terms that refer here

Strike price · Contract for difference

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